Middleton condo auction nets $15.6M

A December auction of 52 luxury condominiums yielded $15.6 million for the owners of the 204-unit Ironwood on the Green at Ferncroft.

The auction for the condo project, located in Middleton, Mass., was held on Dec. 16th. In addition to the 52 sold at auction, another six units are scheduled to close by Jan. 31, according to Sheldon Good & Co. Auctions Inc., which was hired to organize and oversee the auction.

Originally the owners, InterCapital Partners LLC, planned to auction 45 units with the first 15 selling for minimum bids of $125,000 and $215,000 or at about a 55 percent discount. Buyers purchased seven units prior to the auction, 52 at the auction and six post-auction, according to the statement from Sheldon Good & Co. Bidders were able to purchase $400,000 condominiums, within reach of $200,000, with low minimum bids on 15 of the properties, according to Sheldon Good & Co.

"It was a complete sell out, and to our knowledge no one has ever been able to sell that many residences at one time in the greater Boston area," said Edward Biskind of InterCapital Partners LLC, in a statement.

Ironwood on the Green was originally developed by InterCapital Partners in 2003 as a luxury apartment community. The condominium conversion program began in 2005.